UK: FRIENDS PROVIDENT DECIDES TO FLOAT

Article Abstract:

Friends Provident has decided to float on the London stock exchange. The mutual has decided to change status after coming under pressure to demutualise. It plans to list before the end of 2001. The life office could be capitalised at GB[pound] 4bn and has GB[pound] 38.4bn of assets under management. After consideration the management decided it was able to get flexibility by taking on plc status.

Financial management

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UK: FRIENDS PROVIDENT RECORD NEW BUSINESS CONTINUES

Article Abstract:

The new business figures for the Friends Provident's life office in 2000 show a total of GBu 410mn worth of new annualised premium income which is roughly the same as 1999's GBu 411mn. A 7% increase in new annual premiums was also reported however a decrease of 6% was noted for single premium business. Other Friends Provident financial figures show a good performance for a second year running helping to establish it as a key player in the market. A main area of good performance was in pensions, including personal, AVC and group schemes.

Strategy & planning

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UK: FRIENDS PROVIDENT RATE CUTS FOR NON-SMOKERS

Article Abstract:

Friends Provident has cut its level term assurance rates by some 9% for IFAs processing male non-smoking and joint life non-smoking policies using the eXchange Internet portal. However, Kieran Platt, director of IFA Insurance & Investment Solutions, based in Cumbria, says that because handling business online is slow and time-consuming, it is unlikely that many IFAs will be using it.

Marketing procedures

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